Edison Q1 net up 27.9 pct at 87 mln eur as sales dip due to mild winter UPDATE |
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Published
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Wed, 09 May 2007 15:20
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(Updating with debt figures and Greece presence)MILAN (Thomson Financial) - Edison SpA said its net profit in the first quarter of the year rose 27.9 pct on the same period last year to 87 mln eur, despite a 8.4 pct fall in sales to 2.231 bln on the back of mild winter weather.The company said EBITDA for the period rose 20.7 pct to 397 mln eur, while operating profits were up 23.9 pct at 228 mln.The coming on line in 2007 of two new 800 megawatt power plants together with a more careful management of its generation portfolio will offset the negative effects of an unfavourable regulatory framework, Edison said.'In 2007 we see operating results that are no lower than those posted in 2006,' the company said, adding it also expects a marked improvement in its debt situation.Edison said its net debt at the end of the first quarter fell to 3.368 bln eur from 4.256 bln at the end of 2006 and 4.856 bln at the end of the first quarter last year.The fall in debt was due to cash flow generation in the period of 251 mln eur, the exercise of 520 mln of warrants and the sale for 117 mln of Serene SpA.The company said two bonds worth 600 mln eur and 830 mln will matureThe debt-equity ratio improved markedly to 0.45 from 0.62 at the end of 2006.Investments in the period were 135 mln eur.Edison also said the board has approved a 250 mln eur investment to build a 400 megawatt power plant at Thisvi in Greece.Edison said it intends to develop a stable and important position on the Greek energy market.stephen.jewkes@thomson.comsj/bsd/sj/slj/sj/gpCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Edison Q1 net profit up 27.9 pct at 87 mln eur as sales dip due to mild winter 